Loans are taken for several purposes and the moment you take them it is sure that you need to pay them back. A little financial setback can damage the entire planning and land you up in many legal issues. ‘Being sued for debt’ sounds quite severe to all of us. So the first thing to mention is ‘relax.’ Like all other problems, this too has a solution. If you deal with it impatiently, you shall never get a solution.

Here are some tips that would guide on things to-do and not-to-do when you are sued for the debt:

Do not give the creditors an access to your bank account.

The creditors often play a smart game. They call you up before the due date and say that they shall withdraw only $ 100 or so. Now say, you say a ‘yes.’ Then, in 3 to 4 days you come to know that they had actually withdrawn $ 1,200. Here, even the lawyers would not be able to help you as you have no records of the amount you had agreed to withdraw. Then, all that matters is that you had said a ‘yes.’ In this case the lender, who has sued you for the debt, indeed holds an upper hand.

The source of income really matters

There are various circumstances where your money cannot be touched by the creditors legally. Say, the social security you receive in the old age or in the case of some disability. Once you know that the creditors are about to withdraw the money from the bank, immediately inform the bank and the creditors regarding your source of income. If they yet take out money from that amount, you can contact the Attorney, file a case against the creditor who has sued you for debt, and get a real good amount of compensation.

Consult a lawyer.

You must consult a lawyer and seek some legal help before taking any action in the case. Make sure you talk very politely with the lender and handle the matter as calmly as possible.

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Japan tops the list of ten countries that carry the most debt burden, followed by Saint Kitts and Nevis, Lebanon, Zimbabwe and Greece. The debt burden of this country becomes heavier after March’s nuclear disaster. The severe earthquake and tsunami that hit Japan are expected to cost over $ 300 billion.

Japan

Japan is the country with the highest debt-to-GDP ratio of any country in the world. The Japanese government has been in debt since the housing bubble in the 90s. Especially, the debt burden becomes heavier after the the worst natural disaster in history hit this nation in March 2011. The Japanese government has to pile billions of dollars of fresh borrowing on top of a debt load. However, Japan has a high savings rate which makes it easier for the government to finance the debt. 90% of Japanese debt comes from Japanese individuals.

Debt as percent of GDP: 225.8

Saint Kitts and Nevis

The federal two-island nation expects to get creditor cooperation in restructuring its public debt stock, which is said to be a total of about $ 1 billion. However, treasury bills are not a part of the plan.

Uncheck spending of President Mugabe had raised Zimbabwe’s debt burden. The country even asked for debt relief as part of the Heavily Indebted Poor Countries program in 2010. The IMF said that Zimbabwe was under debt stress.

Though the country has passed new austerity measures and been provided a second bailout, its default reportedly looks more likely. Greece’s public debt is expected to rise in 2012 before easing in 2013.

The country’s economy is said to get a strong return and CDS (Credit Default Swap) on its debt has eased 14% this year. Ratings agencies maintain their junk status on Iceland with a population of about 320,000.

The island country saw a debt burden growing between 1996 and 2003 as its financial sector took a hit and a drought hurt the agricultural production. Jamaica even introduced the Jamaica Debt Exchange (JDX) program to restructure its domestic debt.

Debt as percent of GDP: 123.2

Italy

At the end of April, Italian public debt is said to be a total of €1.89 trillion. Prime Minister Silvio Berlusconi has survived a confidence vote on a €40 billion austerity package to help this country avoid becoming the next domino to fall in Europe.

Debt as percent of GDP: 119

Singapore

Singapore’s low debt-service ratio, for example ratio of debt service payments to that of its export earnings, has been attributed to low interest rates. Singapore is also among the nations that are under debt stress.

Debt as percent of GDP: 102.4

Belgium

To prevent contagion of fears and keep calm markets, Belgium’s caretaker government announced better-than-expected budget deficit projections of 3.3%, instead of previous estimates of 3.6%. This nation’s debt is forecasted to peat at 98.3% of GDP in 2013.

Jolie Crussel, an economic expert, is keen on analyzing the economic situations in the world. Currently, she often delivers lectures on economic solutions to students and provides advice for many firms.

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